The Welsh government invested £14 million of taxpayers’ funds into a failed bid to tempt TVR to produce its new Griffith sports cars in the country – before the firm eventually relocated to Hampshire.
According to a letter written by Adrian Crompton, auditor general for Wales, the government spent £4.75m buying the Ebbw Vale factory and a further £7.6m on its refurbishment. It also lent TVR £2m and invested £500,000 in equity shares in 2016.
The Welsh government's understanding was that the car maker would use the factory once the refurbishment works were complete.
The plant was finished in July 2023, but TVR “was still not able to lease the building for production purposes”, according to Crompton.
